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THE 



ELIZABETH QUESTION 



BY 



AX INSTRUCTED AND AMISED OBSERVER. 



THE 



ELIZABETH QUESTION 



IMPORTANT BUT IMAGINARY 
CORRESPONDENCE, 



A X 1 -v .V /■ A- rc ri-.n a x d a m v s /■: n < i /; .v e r i e r 

(Not i)k Ei.izAheth ). 



V 






My philosophy tells me to accept events as they come, with all possible- 
serenity, but not to be content with evils as they are, so long and so far as they 
»ire remediable. Things itnprovable ought not to be helil as immovable. 






iTHi.i.snK!) rok iHK .\rrnoR. 



f 



Copyrighted j^^t. 

By C. N. BOVEE, 0^^ 
1882. 



x*%^ 



<<\ 



The happiness of a peoph' is illustrated in th»>ir genial 
humor, their Intelligence in their .sentiments, and their 
worth In what they ilo. 



PREFACE 



In the following,' pages are to be lound a series ot" 
letters not contributed to tlie Newark DaUy Adver- 
tiser. Tliat iorni of publication, in that or any otlier 
journal, would perhaps jiave enil)arrassed the lately 
appointed fiscal agents of Elizabctli in the difficult 
and delicate task they have uiulertaken, from its pos- 
sibly leading to un})rofitable, protracted and mislead- 
ing discussions from other sources. The susceptibili- 
ties of the press, too, needed to be respected, and the 
selection of one journal, though the most influcutiiil 
in the State, as the organ of the opinions here ad- 
v^anced, might have led to invidious criticisms of these 
opinions by otlier journals. But, it is thought, no 
reasonable objection can arise to a series of imaginary 
letters, presenting, with mingled humor and gravity, 
the salient facts, and considerations af)plicable to 
them, connected with Elizabeth's unfortunate imbro- 
glio, now happily in a way to be early terminated. 

The author, on his title page, has called himself an 
infrucfed as well as amused observer. A few words 
as to that word " instructed," to obviate any possible 
misconstruction of its import, or of himself, as to his 
motives or interest, or aiiv invidious influences what- 



ever, behind or in him, and moving him to enter upon 
this, as he hopes, held of useful endeavor — that of 
presenting, in an agreeable form, and in an important 
matter, some useful facts for intelligent consideration. 
In no degree then is that word " instructed '' to be 
tnken as a synonym of " inspired." The folly or the 
wisdom of this pamphlet is all the author's own. No 
single word even of suggestion of it has proceeded 
from any other source than his own idle fancy, except 
that, several years since, his attention Avas attracted 
to the condition of Elizabeth's finances, and, in a jour- 
nal he then conducted, he was led, as a subject of 
public importance, to inform himself upon it, and, to 
an inadequate extent, to write upon it. He was then 
earnestly in fiivor of an early settlement of its indebt- 
edness, believing it called for by the interests of all 
parties concerned, Avithout having any interest in 
such settlement himself, except that of a journalist 
and public-spirited citizen. As he stood then, so he 
stands to-day, except that the settlement which he 
then earnestly favored he sees now, Avith great grati- 
fication, likely to be realized, and is led noAv again to 
proffer his aid towards a consummation so sincerely 
Avished and altoii-ether desirable. 



THE HLlZAnKTIl COM.M ISSloNKR: 



Editor Newark Daily Advkutiskr: 

The creditors of Elizal)etli must now take eare that 
they are not won into setthjnients of their chiinis in- 
consistent witli their interests. One of the Commis- 
sioners, at leiiyt, Gen. Woodford, is a man of very 
remarkable powers of persuasion. We should not 
consider our jack-knife safe in our poeket, if he should 
propose an exchange of his pen-knife for it. The 
merits of that pen-knife would be set forth in such at- 
tractive terms that its possession would sot)n become 
one of the highest objects of earthly ambition. 
Knowing that, in advance, as a tribute to his great 
powers of statement, scarcely exceeded by those of 
anv ])ub]i(' man in the country, we should, to save the 
loss of our time, as an otiset to the loss of our jack- 
knife, at once close with the proposal, knowing full 
well that it was only a (piestion ,of time as to when 
his powers of persuasion would prove to be irresisti- 
ble. In respect to his great gift of fascination he is 
almost equal to RiciiARD Brinsley Sheridan, of 
whom it was said that one of his creditors, to whom 
he owed a hundred pounds, which he never expected 
to get, was afraid to stop and s].eak to him wlien he 
met him on the street, lest he should make it two 



hundred pounds. Taking counsel of the superior dis- 
cretion of tliis earlier representative of a precarious 
claim, we caution the creditors of Elizabeth at least 
to insist upon something desirable for their claims; 
to get by all means a pen-knife for their jack-knife ; 
not by any means to be persuaded to increase their 
claim ; not even to entertain a proposition for doub- 
ling it, for if they do his too seductive after-reasons 
for accepting it will prove too much for their reserves 
of capital. 

We know less of the other Commissioner, except 
that he is a gentleman of distinction in financial cir- 
cles, but the circumstance that he was also appointed, 
after a full canvass of his merits, to so important a 
trust, will give like great weight and authority to 
his statements. Influence is according to worth and 
intelligence, and upon that principle Mr. Fitzgerald 
is to be regarded as a dangerous man, as well as his 
associate. They propose to pay, and that long de- 
ferred circumstance in the life of the debtor they rep- 
resent, makes them just now two very interesting- 
persons to a large number of expectant creditors. 
" To owe is human, to pay divine, and not to pay fiend- 
ish," is the not rare though austere sentiment of cred- 
itors. Let them be held then to a high performance: 
if not to something superhuman, — if to something less 
than divine, so far as paying in full is concerned — 
still to paying up to the full measure of Elizabeth's 
capacity. 

We write in this matter understandingly. We 
have some knowledge of these claims, and of the abil- 
ity of Elizabeth to pay, and are sure it can pay some- 



tliin.ii: desirable. We wish we could say *' soiuetliing; 
handsome," indeed, but truth is tlie law (if our lite, 
and as "handsome is as handsome does," tliat re- 
mains to be seen or shown. It has at least that pen- 
knife, and let the creditors make sure of that for their 
jack-knife. 

We will return to this subject if desired, and show 
by a careful inventory and consideration of the con- 
tents of Lady Elizabeth's pockets, in wliidi are to be 
found several buttons (that will be valuable when 
buttons come to be a part of the currency, and legal 
tenders through an act of Congress making them so), 
and several spools of cotton (serviceable to enable us 
to spin out the thread of our stor}'), whether several 
buttons and spools of cotton ought not to be added t<^ 
the pen-knife in exchange for the creditor's jack- 
knife. 

Safe Guard. 



THE ELIZABETH COMMISSIONERS AIJAIX. 



Editor Newark Daily Advertiser: 

I wrestle with myself not to lay violent bands on 
that writer '' Safe Guard," that you inconsiderately 
admitted to your columns yesterday: that is, I feel 
like handling him without gloves. He undertakes to 
treat the delicate and important matter of the extrica- 
tion of Elizabeth from her financial embarrassment 
humorously. Now, humor is out of place in grave af. 
fairs. Your oidv safe man is tlic man who never 



8 

laug'hs — except over trifles, witli triflers, ;iiid in tri- 
fling* places. Humor is the clown's quality, good 
enough in the circus, but it ought not to intrude into 
the consultation chamber of the sick town, when the 
doctors are gravely considering the critical condition 
of the patient, and earnestly seeking to devise some 
remedies to lift him out of his almost moribund condi- 
tion. It is true, " Safe Guard " seems to have an ul- 
terior earnest purpose in view, and at the close of his 
curious letter intimates that he will, in a return to the 
subject, conduct himself with more decorum, and 
gravely come down to a proper consideration of the 
austere facts and figures, and the delicate and weighty 
reasons bearing upon them, pertinent to his import- 
ant subject. Well, let him do that, and I will forgive 
liim his late extraordinary performance in caracoling, 
like a donkey broke loose, in our garden, till each 
flower-bed bears the marks of his lioofs. In the mean- 
time I commend to him this query for solution : Is not 
a clean crust better than a dirty loaf? 

Grim Earnest. 



Editor Newark Daily Advertiser: 

That writer " Safe Guard " in the Advertiser yester- 
day didn't know what he was writing about. If he 
had known more he would have known that the 
amount to be ofl'ered to the creditors of Elizabeth by 
the Commissioners is not an amount of more or less ac- 
cording to their discretion, but is simply a fixed per- 
centage to be paid in a certain way, whicli they are 
empowered to submit as an ofl'er, and for the accept- 



ance of whicli they arc to m^^oriaic. And what h»' 
says about "To owe is human, to pay divine aii<! not 
to ])ay is fiendisli," is nonsense. 1 have known n»an\ 
a man who couldn't pay who wasn't at all " licndi-li."' 
Tlie thini;' to do when a man can't pay all is to |)ay 
iii})art; as much as oi- all lie can. That is the Ikui- 
orahle thin<;- lor him to do. and a most Li'i-atityini:' 
thini:: to his creditors, if they arc reasonable ltein<:s. 
The " Hends" are those who won't accept a reasonable 
olY(M- of settlement, not the people who tender it. And 
that is [)recisely the relation of Elizabeth to its cretl- 
itors. 

I know nothing about the ''powers of ])ersuasion" of 
either of the Commissioners, to which "Safe (iuard '" 
refers, but presume that they are botii able and hon- 
orable men, and it ou,<:-ht not to re(piire any u'reat 
power of persuasion to make it cleai' that the oiler to 
be submitted by them is one deserving- of the most 
favorable consideration. Hoth parties will uet rebel' 
from it: the creditors by ii-ettini;- availables for their 
ancient claim, and the city of Elizabeth in the way of 
securing- a linal escape from its present compromising 
position, that retards its growth and ])ostpon<*s its 
pros|)erous future. 

\'l(;iLAXTK. 



Editor Newark Daily Advkiitishr: 

Tf " Safe (iuard,'' in his humorous letter ni your 
journal yesterday, means to intimate that Elizabeth 
can pay more than it oll'crs, I join issue with him. Let 
him. or anv one. take a map of Klizabeth. and he w ill 



10 

see that it consists of two parts; a nearly central 
part, embracing the city proper, or the improved 
part of the township, and an outer environment of 
generally unimproved lands. The rateables of the 
former are estimated at ten millions, mortgaged prob- 
ably for about half their value, leaving about five mil- 
lions really, and the latter are already so taxed to 
death that you can squeeze little more out of tiiat 
sponge. Instances can be cited of lands here valued 
at $1000. on whicli there are arrears of taxes and as- 
sessments amounting to at least $3,000. So that 
here is almost a " beggarly account of empty boxes," 
out of which the fiscal agents of the town are to get 
nearly four millions, with which to pay its indebted- 
ness of approaching seven millions. If " Safe Guard " 
is as good at figures as he is at a jest, I commend this 
count of heads (with little in them) to him. 

Sure Thing. 



Editor Newark Daily Advertiser: 

Of the two dangerous men spoken of in yesterday's 
Advertiser by " Safe Guard '' I think the most formid- 
able is that suave President of a great Trust Compa- 
ny, Mr. Fitzgerald. He is accustomed to be trusted, 
both personally and officially, and will ask and expect 
from us an unlimited trust in him. Gen. Woodford 
belongs to a talking profession, who are expected to 
talk well, and so we will be on our guard against him, 
particularly as a master in his art; but Mr. Fitzger- 
ald will figure as a man of figures, and to his state- 



11 

meiits we must give the most particular atteutiou. to 
see that we are uot misled by them. 

True Figures. 



Editor Newark Daily Advertiser: 

1 wish to say a few words suggested by " Safe 
Guard's" letter in the Advertiser yesterday, as to the 
advantages to be derived by Elizabeth from a suc- 
cessful settlement of the claims against it by its lately 
appointed fiscal agents. Elizabeth, relieved from its 
present financial imbroglio, and put in a shape of hav- 
ing only a manageable debt, will be like a man simi- 
larly positioned, an object of respect, and the errors of 
the past, which led to that loss of respect, will not be 
so likely to be repeated, after having been so seriously 
sulfered from. A beautiful city will once more beccmie 
attractive. Uncertainty will give place to certainty in 
itsaffairs, and as to its future. The amount it will have 
to pay, and its ability to pay, will both be made clear. 
The awful face of the tax-gatherer, as hideous as that 
of death, with whom he is familiarly yoked, will no 
longer affright the imaginations and disturb the dreams 
of the good people of Elizabeth, and of the good peo- 
ple of other places owning property there, or that 
may think of moving there as to an attractive place of 
of residence. A fancy for the place will take the 
place of the present distrust of it, investors will be 
attracted to it as a field for profitable investments, 
appreciation will succeed to depreciation in its pro- 
perty values and valuations, and generally a day of 
beautv and <rladness will follow a long night of gloom 



12 

and depression. Therefore, let every man interested 
in the property of Eliz.ibeth. as far as he can, aid its 
fiscal agents in or toward an early accomplishment of 
the great object of their important commission. 

Fixed Values. 



Editor Newark Daily Advertiser: 

I am a man of plain, good sense, I hope, without too 
much imagination or humor to run away with my 
discretion, and especially without any of that danger, 
ous quality, or accomplishment as it may be thought, of 
humor carried to the excess of irony, that so • often 
gives offence to the sensitive and grieves the judici- 
ous. I therefore entreat your mirthful correspondent 
of yesterday, " Safe Guard," that he will not confuse 
an important matter, that ought to be kept as clear 
and as simple as possible, by bringing into the discus- 
sion of Elizabeth's affairs any too extraneous and un- 
necessar}^ matters, if he wishes really to reinforce 
with his powerful pen Gen. Woodford's commanding 
powers of persuasion, and Mr. Fitzgerald's eminent 
fitness and great financial ability and influence, in pro- 
curing the earliest possible settlement of Elizabeth's 
indebtedness. 

Tliis is all that I think it is necessary to say now, 
but if " Safe Guard " has to say anything further, to 
the effect that Elizabeth can pay more than the fiscal 
agents are empowered to offer, 1 shall be glad to show, 
as I think I can, that she can't. You can't get more 
out of a gallon than four quarts when it is full. 



and ii(» inoiT than two (jiiai'ts wlicn it i> lialf fnll. 
And Elizabi'tli is Iialfriill. :ind it nll'crs two (piarts: a 
good otl'er, as 1 am pi-cpaicl t,, m.-iintain. if (.(•<-asinn 
arises for it. 

( Jin:\.\i)iRi{. 



Editor Newark [)ailv Advertiser: 

If tlie conuimnity of Eli/abetli had ht'cn much more 
than a ii-atlieriiii;- of hysterical ohl women, w rin^'in^- 
tlicir hands over a bi,^- |)ail of .-pilh-d milk, instead of 
soppin-;- it up and going to tlie cow for more, they 
would have arranged their domestic matters lonsz- 
ago tliemselves, (if their creditors wouhl have allowed 
them), but as they have not, and have called in the 
aid of gentlemen eminent in the law an<l linance from 
outside to aid them, good sense suggi'sts that tliese 
gentlemen in turn slu)ul(l be aided, in their (hdicate. 
difficult, and important task, by all possible sugges- 
tions that may be thought to have value. As mv 
contribution, of tliis kind and in this behalf, let me 
say, that it seems to me that the iirst and most im- 
portant tiling, after an ac(|uisiton of a fidl knowledge 
of the situation, is loi- the liscjd agents, at the outset, 
to determine upon the very best manner of proced- 
ure to be adopted for procuring the consent of all 
the creditors to the settlement proposed. This can 
be best effected, in my judgment, by the agents call- 
ing an early meeting of the creditors, and getting, 
then and there, as many of them as possible to sign a 
contract, as coucise and as clear in its terms as the 
contract between the city authorities and the agents 



14 

themselves, agreeing to accept the terms offered, and 
to carry out the provisions of the settlement by a sui"- 
render of present for substituted bonds, etc., and 
then by having tlie other non-appearing and recalcit- 
rant creditors, or their representatives, seen person- 
ally, as soon as possible, and brought over to the true 
faith and a saving grace. 

Light House. 



Editor Newark Daily Advertiser: 

I quite agree with your correspondent, '' Fixed 
Figures," in his estimate that of the two fiscal agents 
lately appointed by Elizabeth, that President of the 
Trust Company is the most dangerous. A president 
of a great Trust Company has come to be regarded as 
a man who, if he hasn't already your money, ought to 
have it, as it can no where be safer than in his 
hands. He is a guardian of guardians, a trustee of 
trustees, and of all men the most fit to be trusted, it 
is thought. He is a sort of commercial fetich. Com- 
mercial men, and especially bond-holders, bow down 
before him, and address him after the formula, " May 
I speak and live?'' Next to the great American fetich, 
the judge — as to whom De Toqueville in effect said 
that we Americans were great idol-worsliippers and 
our idol was the Judge, the great object of rever- 
ential worship of all capitalists is your President of a 
great Trust Company. Men of letters luive their 
fetiches in Longfellow, Emerson, Bryant, Whittier, 
and so forth; politicians theirs in Blaine, Conkling, 
Curtis, Evarts and Woodford, (the leaders to whom 



1'") 

the Executive of tlio country makes his iiu'lVective 
appeal in the cartoon of The Jiidge, to save tlic urand 
old party,) but beyoud all these, since there is no wor- 
ship in our time so devout as money worship, is vour 
irreproachable President of a j^reat Trust Com])anv. 
The City of Elizabeth has therefore lieen profonndlv 
designing in api)ointing such an all-inihiential person 
as its agent, to get possession of our bonds and othei- 
evidences of debt, and if we don't take care, and exer- 
cise a stupidity exceeding even that of the past, he 
will do it, and then we shall be deprived of the pleas- 
ure of revelling in the delights of a soon wliolK uii- 
maniigeable, now almost unmanageable debt. 

Cautionary Signal. 



THE FINAliE (?) OF THE ELIZABETH 
TROUBLES. 



Editor Daily Adveutiskr: 

The pictui-e drawn by '' Fixed Vabies '" in yestei'- 
day's Advertiser, of the future prosperity of Elizabetli. 
as a result of a settlement of its now outstanding 
excessive indebtedness, is not overdrawn. But there 
is another side of the picture — tlie horrors of the 
future to the creditors of Elizabeth. folh)wing a fail- 
ure of its fiscal agents to effect tlie settlement now 
proposed. A few facts, briefly stated, may help to 
make this clear. Li his annual statement of July 1. 
1879, the Comptroller of Elizabeth stated the debt of 



us 

that muuieipality to bu then $5,823,865.16, witli as- 
sets, consisting of unpaid taxes and assessments, 
amounting to $2,819,771.19, (assets, however, only ap- 
parent, because the courts of the State liave declared 
most of the assessments illegal) leaving a net debt of 
$3,004,098.97, not taking into account other assets of 
the city consisting of school houses, market houses, 
engine liouses, fire apparatus, and tlie like, which 
could not by law be levied upon for the debts of the 
corporation. Allowing a million of dollars as uncol- 
lectable on the assets. (irres|)ective of tlie assessments 
declared illegal) the net debt Avas then estimated at 
about $4,000,000. Now the entire indebtedness is 
stated to be nearly $7,000,000. 

Then it was held to be impracticable to make a set- 
tlement on the basis of bonds at four per cent, for 
the full amount; now, with the amount so largely in- 
creased, it is proposed to pay 50 per cent in bonds 
bearing that rate of interest. These simple facts, 
showing so large an increase of indebtedness, Avithin 
so short a time, on one side, and so great a decline, 
also within so short a period, in estimated capacity 
for paying, on the other, are certainly very suggestive. 
If Elizabeth was so far behind then, and is so much 
farther behind now, after a brief period of four years, 
where will it be in estimated paying ca[)acity, say 
four years hence? 

Moreover, the bonds of the city have sold for sev- 
eral years back at an average of from 40 to 45 per 
cent, and now, I understand, can be bought in open 
market, for about 40 per cent, flat. In other words, 
a bond of $1000, with all accrued interest thrown in. 



17 

can !)(' |)nrcli;is(Ml tor '^liH) oi- ><{'!{) t-asli : and. as tlic 
accrued interest on each l)i)n(l amounts to nrarly ^'li)il 
the actual per centa,L;e, in ()})en niai-krt. i- rclncrd 
thereby to about 35 per cent. 

Can a stronsi'er statement in little be jnescnted 
than this ot" the importance to the interest of" credi- 
tors (^f an early settlement on tlie basis now propoxij? 
That basis is superior to that already substantially 
agreed upon between the p(M)[)le of Rahway an<l their 
creditors, as appears iVom tlie Advertiser'' s report <>!' 
the proceed in^is of a Coid'erence of the bond-h(tidcis 
of Railway and the authorities of tliat city, ludd at 
Newark on the previous day. 

Quotin*;" from that report, "A len.u'tliy prixate 
(^)uference was lield.' it says, of the bond-lndders. 
and "the result was that the bond-holdei's unani- 
mously res(dved that they would atlvisc all crcditoi's 
to concur in accepting;' a settlement with the city of 
Railway on the followiiiL;- basis: To calculate thi' 
principal and interest of the d(d)t, at the rati; of se\'en 
per cent, up to November 1st, 1882, and to accept new 
bonds for thirty-five })er cent, of that acciniiulate(l 
principal and interest, the bonds to \^v payable in 
forty years or sooner, at the option ^^^ the city, and 
to draw interest for the first two years at two per 
c(Mit. the third year at three jxm* cent, and after that 
at foiii- per cent. This was communicated to the 
re[)resentativ(\s of Railway, and after consultation 
they a<^reed to do what they could to secure the ac- 
tion of the city authorities of Rahway in acceptance 
of the proposition." 

And who can doubt, under all the i-ircumstances of 



18 

that case, that the high coiitractincr parties there de- 
cided wisely and well, and that their procedure con- 
stitutes a precedent, under the circumstance of a su- 
perior offer of settlement bv Elizabeth, worthv to be 
followed ? 

But a few words more remain to be spoken: — 
•• Fixed Values " has drawn a vivid picture of the 
benefits to be derived, by the citizens of Elizabeth, 
from a settlement once effected. That picture, well 
painted in its broad outlines, also justifies the confi- 
dent conclusion that the prosperity of the city, and 
the appreciation of property in it, so pictured, as the 
inevitable results of such a settlement, will enable its 
authorities to make prompt payment of interest, as it 
falls due. and ultimately retire the bonds given in 
settlement. 

Final Escape. 



LIBRARY OF CONGRESS 



014 206 240 9 f 



